Essay on " Effect of Pandemic COVID-19 on the field of agriculture."
Answers
Answer:
The impact of COVID-19 on the economy is no doubt devastating. No sector has escaped its impact. Its impact on agriculture is complex and varied across diverse segments that form the agricultural value chain. Even among the different segments, its impact varies widely among different regions and among producers and agricultural wage labourers. This impact will reverberate across the larger economy and will linger longer than a few months.
Answer:
The world is sliding rapidly towards a recession. The Covid-19 pandemic will shut down large parts of the world economy for at least a few months more. IMF managing director Kristalina Georgieva stated on March 23, 2020 that the outlook for global growth in 2020 was “negative.” Recovery, if any, is expected only in 2021. According to the International Labour Organisation (ILO), the rise in unemployment because of Covid-19 could be up to 25 million worldwide.
When the crisis began, it was thought that the slowdown would be restricted to China. Under such an assumption, the OECD countries expected that their growth rate for 2020 would be down by only about 0.5 percentage points. Considering the possibility of the slowdown spreading out of China also, it was estimated that the growth rate of OECD countries would fall from 2.9 per cent in 2019 to 1.5 per cent in 2020. All those scenarios are now out of date. OECD countries can expect negative growth rates in 2020.
As India moves from regulations and controls to a total lockdown, the impact of the Covid-19 pandemic on the economy is becoming ever more acute. The Indian economy, which was already facing a sharp downturn by the end of 2019, will surely record an extraordinarily poor growth rate for the months of March, April, and May 2020 (though they technically fall into different quarters of the financial year). If the lockdown continues beyond a month, the impact is likely to be even more severe — on the working people and on the economy as a whole.
What does a lockdown mean? In practice, it means that all economic activities are shut down, which means, in turn, that the production and supply of goods and services are disrupted, if not halted. Goods and services are not supplied in adequate quantities to meet existing demand. But at the same time, as economic units are shut down, people lose jobs and wages. In addition, because there is a lockdown, people do not venture out to purchase goods and services. Thus, as a result of reduced consumption, overall demand also falls. Recent crises in the global real economy have been caused by either demand slowdowns or supply shocks or financial crises. The Covid-19 lockdown is unique in that both demand and supply have fallen. This is not a normal circumstance.